The 5-Minute Rule

Today we’re going to talk about an unwritten rule in lead generation that once you are aware of it and take action on it, will change your business forever. This rule is very simple to understand and implement. But it is also constantly overlooked.

There’s a rule that I like to call “The Five-Minute Rule”. This rule simply states that as a business owner you are dedicated to contacting the leads we generate for you within 5 minutes of the time they are received by your establishment.

Here are 3 reasons that you want to follow The Five-Minute Rule.

Increase your Reach Rate

Higher closing ratio

Goodwill and Positioning

#1 – Increasing Your Reach Rate

When responding to leads, a lot of managers will be able to tell me how many callbacks they made and how many appointments they made. But it is very rare that anyone can tell me how many of those callbacks resulted in actually reaching someone.

It’s not just about how many calls you make and how many calls you close or convert. If you use only those two numbers, you’re working harder not smarter. With only those two numbers in mind, you only allow yourself to either make more calls or train your reps to make more sales.

But, when you add reach rate into the mix, you then start to think about how many people you reach and how you can affect that number. It’s a lot easier to affect your sales by calling at different times or calling back faster to increase the amount of people you talk to.

At the end of the day, it’s not about how many calls you made. It’s about how many people you spoke to and how many people said yes.

Just remember… If you don’t have all the data, you don’t know the full story.

QUESTION: How do you increase your reach rate?

ANSWER: Call your prospective customers back within 5 minutes of them expressing interest in your services

#2 – Higher Closing Ratio

We all know that you miss 100% of the shots you don’t take. Well, that’s true with lead generation as well. You can’t setup appointments or close sales with people that you don’t talk to.

Most offices don’t want to waste time calling uninterested prospects, which makes sense. However, if you commit to prioritizing the leads we send you and call them back within 5 minutes, you can eliminate A LOT of wasted time.

The odds of contacting a lead if called in 5 minutes versus 30 minutes drop 100 times. The odds of qualifying a lead if called in 5 minutes versus 30 minutes drop 21 times.

Bottom line: If you don’t call your prospects back within 5 minutes, chances are you’ll never talk to them at all.

QUESTION: How do you increase your closing ratio?

ANSWER: Call your prospective customers back within 5 minutes of them expressing interest in your services

#3 – Goodwill and Positioning

If your competitors are not calling their leads within 5 minutes and you are, then you have already begun to set yourself apart from the competition.

Not only does it impress upon your prospects just how much time and effort you are willing to invest into them, but also it’s a great way to differentiate yourself and your company in a crowded marketplace.

Most companies don’t have the time and willingness to pick up the phone and call a prospect. That is why when your company does, it will prove to your target customer that you care. It will prove that you are different and special.

Here’s the truth… If you care more, you make more.

QUESTION: How do you increase goodwill and positioning in the marketplace?

ANSWER: Call your prospective customers back within 5 minutes of them expressing interest in your services

SHAMELESSPLUG:

If you are a loan officer and you meet the following criteria, let’s talk:

Been in business at least three years

Has at least three people in the office who can follow-up with the leads

Must commit to prioritizing these leads and calling them within 5 minutes

Your Turn

Was this helpful? Can your business commit to The Five-Minute Rule?
Let us know in the comments.